OR GSE Delinquencies: Still 20,000+ Delinquent Loans; Serious Delinquency Rate Was 17th Worst in Country, Higher than California, but LESS than National Avg.

Using FHFA data from Appendix in report HERE I created Excel file and ranked states by serious delinquency rates. 

Excel file is HERE and embedded below: (It is in landscape format, so you may have to scroll to fully see all columns and rows).

Originally created and posted on the Oregon Housing Blog.

Oregon Drew Down $48 M in Hardest Hit Funds in CY 2012.

The Excel worksheet HERE and embedded below shows state draw downs of Hardest Hit Funds in CY 2012.   

Some observations: 

1. States drew down a little more than $1 billion in CY 2012, but total drawn downs were still only 23.2% of the total amount available ("obligated"). 
2. Oregon's end of CY 2012 48.9% drawn down rate was the second best in the country, trailing only Rhode Island. 
3. During CY 2012 Oregon drew down $48 million in Hardest Hit Funds.
4. The SIGTARP reports show no change in draw downs for Indiana and Georgia during CY 2012; not sure what is up with that reporting.
5. California has drawn down only 23.7% of their available Hardest Hit funds, and Florida only 11%.

4th Quarter detail on Oregon's Hardest Hit program is not yet posted on their reporting website HERE. 



Originally created and posted on the Oregon Housing Blog. 

CoreLogic Report Says Oregon Home Price Index Up 5.6% Year over Year as of November 2012; Portland Metro Up Only 4.5%.

Update: 
Portland Metro data shown on page 7; data indicates Portland price index up 4.5% YOY as of November, that is below the 5.6% increase reported for the state of Oregon.

-----
Report is HERE and includes data through November 2012 State data, including data other than price index data, starts on page 8. 

Originally created and posted on the Oregon Housing Blog.

Fed Reserve Site Has REO Estimates by State; Oregon at 4,550 Properties.

NY Federal Reserve site HERE estimates Oregon REO of 4,553 properties was 1% of national REO inventory as of June 2012. 

Most optimistic scenario projects decline in REO in Oregon by 45.1% from June 2012-Dec 2013.

Originally created and posted on the Oregon Housing Blog.

Salem Statesman Journal Stories on Foreclosure.

Beaucoup stories/data, start HERE.

Originally created and posted on the Oregon Housing Blog.

FHFA Data: Oregon Had 20th Highest Serious Delinquency Rate, But Below National Average.

Using newly released data I have prepared and uploaded to my SkyDrive a state level summary of FHFA foreclosure information in Excel HERE and embedded below: 



FHFA PR is HERE. 

Originally created and posted on the Oregon Housing Blog.

Update: Testimony from Monday Oregon House Interim Committee on General Government and Consumer Protection Hearing on Foreclosure Prevention Bill and Hardest Hit Fund.

Update: 
Links to PDF's of three PowerPoint presentations have been posted below
--------------
PowerPoint presentation – Keith Dubanevich (Topic: Update on implementation of SB 1552 & rulemaking status & process)

PowerPoint presentation – Keith Dubanevich (Topic: Update on emergency rules & permanent rulemaking on loan servicing           
 
PowerPoint presentation- Margaret Van Vliet & Michael Auman (Topics: Update on OHCS role in implementation of SB 1552, & Update on State & Federal programs available to distressed homeowners)
 
(Original Post)
The exhibit from Oregon Housing and and Community Services is HERE and covers only the Hardest Hit Fund program.

Will update if additional DCBS/AG testimony on the foreclosure prevention bill becomes available and if audio links to the hearing are posted. 

Originally created and posted on the Oregon Housing Blog. 

Two HUD Housing Counseling Outcome Studies Out.

Pre-purchase counseling study is HERE.

Foreclosure counseling study is HERE.

Originally created and posted on the Oregon Housing Blog.

Oregon Foreclosure Mediation Updates, Including Weekly Implementation Meetings Open to the Public.

OPB's Think Out Loud had a segment Friday on implementation of Oregon's new foreclosure mediation bill (SB1552 ) yet to be signed by the Governor.  You can download a MP3 audio file HERE (mediation segment starts around 20 minutes into the program); the TOL website for the broadcast is HERE. 

Also, the Oregon Attorney General's Office is holding Friday afternoon weekly stakeholder meetings; the web page for the bill that includes links to materials for these meetings is HERE.  From that website: 

The Attorney General’s Foreclosure Mediation Workgroup is charged with the foreclosure mediation program established under SB 1552.

Topics that will be subject to rulemaking include: mediator role and qualifications, mediation fees, the role of the mediation services provider, mediation notice requirements, and mediation guidelines. Agendas may be amended at any time prior to the meeting.

All workgroup deliberations are open to the public. However, the opportunity for public comment may be limited during these meeting. Persons wishing to submit comments or suggestions regarding the foreclosure mediation program may send an email to foreclosuremediation@doj.state.or.us. For questions or assistance regarding workgroup meetings, please contact Kate Medema at kate.e.medema@doj.state.or.us.

The workgroup convened for the first time on March 23, 2012. Subsequent meetings of this workgroup will be from 1:30 to 3:30 pm in the Justice Building, Kulongoski Room, 1162 Court Street NE, Salem, Oregon on: March 30th; April 6th; April 13th; April 27th; May 11th; May 25th and June 8th.

 Originally created and posted on the Oregon Housing Blog.

Oregon Foreclosure Bill S 1552 on Way to Gov for Signature.

Looks to me like this is the version of the bill that passed HERE.

Register Guard story is HERE.

Originally created and posted on the Oregon Housing Blog.

Materials on $25 Billion Mortgage Servicing Foreclosure. Settlement

DOJ PR HERE; Remarks from AG Holder HERE

 More details on settlement can be found HERE. 

Oregon AG website is HERE. 

Originally created and posted on the Oregon Housing Blog.

New Report: Equitable Foreclosure Recovery, Includes Portland, Seattle, and Minneapolis Metros.

Report from Northwest Area Foundation and PolicyLink is HERE and includes analysis of foreclosures in Minneapolis, Seattle, and Portland. (Portland detail starts on PDF page 16)

One excerpt, with related table pasted below: 

the Portland region, where poverty is generally less concentrated, exhibits the most equitable distribution of foreclosures: the share of people of color is only slightly higher in the highest foreclosure Zip codes than the share of people of color city-, county-, and region wide. Median incomes also are not extremely different. Foreclosures in Seattle and the Twin Cities are much more concentrated in lower-income communities and communities of color

Click to Enlarge

 Originally created and posted on the Oregon Housing Blog.

GSE and FHA REO Oregon Snapshot, With Breakout by Portland Metro Cities.

HUD has a mapping and data portal for REO properties from Fannie, Freddie, and FHA HERE.

Included in the portal is the ability to download data for an entire state, so I recently downloaded Oregon data and did some analysis shown in the PDF table HERE. 

(Caution: The Oregon data download from this portal only included 28 FHA properties in Oregon, so it clearly appears to be incomplete; a direct FHA REO website shows 84 current Oregon FHA properties HERE).

Observations (Using portal information on the 3 agencies): 

1. There were 1,604 REO properties listed on the portal for Oregon; the 24 cities within the Metro jurisdiction accounted for 31% (502) of statewide REO. 
2. Fannie and Freddie accounted for 98%+ of all REO listed for Oregon and 24 cities in the Portland Metro area.
3. Within 24 cities in the jurisdiction of Metro, Portland (250) accounted for half of the REO and Beaverton (49) another 10%.
4. Gresham (36), Lake Oswego (19) and Oregon City (18) completed the top 5 cities within Metro jurisdiction with largest numbers of REO. 

Originally created and posted on the Oregon Housing Blog.

New Report: Disparities in Mortgage Lending and Foreclosures.

Report, from Center for Responsible Lending in North Carolina, is HERE.  No Oregon or Portland data, but important findings like those shown in this graph and in these excerpts:

Racial and ethnic differences in foreclosure rates persist even after accounting for differences in borrower incomes.
Racial and ethnic disparities in foreclosure rates cannot be explained by income, since disparities persist even among higher-income groups. For example, approximately 10 percent of higher-income African-American borrowers and 15 percent of higher-income Latino borrowers have lost their home to foreclosure, compared with 4.6 percent of higher income non-Hispanic white borrowers. Overall, low- and moderate-income African Americans and middle- and higher-income Latinos have experienced the highest foreclosure rates

Loan type and race and ethnicity are strongly linked.
African Americans and Latinos were much more likely to receive high interest rate (subprime) loans and loans with features that are associated with higher foreclosures,specifically prepayment penalties and hybrid or option ARMs. ... the disparities were especially pronounced for borrowers with higher credit scores. For example, among borrowers with a FICO score of over 660 (indicating good credit), African Americans and Latinos received a high interest rate loan more than three times as often as white borrowers.

Originally created and posted on the Oregon Housing Blog.

Terms of Foreclosure Settlement with Attorney Generals Leaking Out.

Don't know if this is intended to dampen expectations or what but TIME has their take HERE; I have seen other stories indicating settlement will occur by end of year, which means this week.  

[ My estimate: If total settlement is $25 billion, and Oregon home buyers represent 1% of total universe , Oregon home buyers would receive $250 million, $30 million more than Hardest Hit fund].

Originally created and posted on the Oregon Housing Blog.

New GAO Report on Community Costs of Vacant Properties.

100+ page report is HERE.

Pg 96 table shows Oregon non seasonal vacancies represented 6% of total housing stock in 2010 vs. 5.6% in 2000. (Much of Oregon increase in vacancies appears to be in vacancies in seasonable properties).

Page 54 begins a section identifying some local strategies to deal with increased vacancies.

Originally created and posted on the Oregon Housing Blog.

Fed Working Paper Says Borrower Rights Do Not Improve Foreclosure Outcomes.

Don't shoot the messenger, paper is HERE. 

We first compare states that allow power-of-sale foreclosures with states that do not and find that preventing power-of-sale foreclosures extends the foreclosure timeline dramatically but does not, in the long run, lead to fewer foreclosures. Borrowers in states that allow power-of-sale foreclosure are no less likely to cure and no less likely to renegotiate their loans. 

We then exploit a “right-to-cure” law instituted in Massachusetts in May 2008. We employ a differences-in-differences approach to evaluate the effect of the policy, comparing Massachusetts with neighboring states that did not adopt such laws. We find that the right-to cure law lengthens the foreclosure timeline but does not lead to better outcomes for borrowers. 

Feel free to add your (reasoned) comments to this post.

Originally created and posted on the Oregon Housing Blog.

Vulture Investors Picking Up FHA Loans.

Bloomberg News story is HERE.

From the story: 

The FHA so far has acquired and sold about 2,500 loans on properties across the U.S. under the program, with a total unpaid principal balance of $446.8 million.

The agency pays an average of $28.78 every day to maintain and market each of the tens of thousands of repossessed properties that it has received in exchange for insurance payouts to loan servicers. 

Using this data Daily average holding cost work out to $10,505 per year or $875 per month. (If average insured amount known, could work out the % reduction in value that occurs annually).

Originally created and posted on the Oregon Housing Blog.

March 2011: Oregon Metro+ Seattle Foreclosure /Serious Delinquency Rates and National Rankings.

New tables with March 2011 foreclosure data were posted today by Foreclosure-response.org. 

I downloaded and consolidated Oregon metro rates and ranks [plus Seattle metro] in a single page PDF HERE.

Observations: 

1. Seattle metro has same foreclosure rate as Portland, but a higher serious delinquency rate, because their 90 day delinquency rate is higher.  
2. Portland's serious delinquency rate in March 2011 is same as March 2010, but Seattle's increased. 
3. Within Oregon metros the worst to best ranking by March 2011 serious delinquency rate is Bend, Medford, Salem, Portland, Eugene, and Corvallis. 
4. Serious delinquency rates have increased for all Oregon metro areas and Seattle from December 2009. 

 Originally created and posted on the Oregon Housing Blog.

Post Foreclosure Experience of US Households.

Thanks to an item in my fav BeSpacific, this New Federal Reserve study is HERE. From the study:

Although foreclosure considerably raises the probability of moving, the majority of post-foreclosure migrants do not end up in substantially less desirable neighborhoods or more crowded living conditions. These results suggest that, on average, foreclosure does not impose an economic burden large enough to severely reduce housing consumption....About 1/5 of post-foreclosure migrants move a long-enough distance to participate in a different labor market, a slightly smaller fraction than the comparison group....We find no evidence that post-foreclosure migrants are more likely to remain in the same school district or Census tract, so maintaining ties to a local school seems not to be important in the relocation decision...post-foreclosure individuals are more likely to move to denser areas with a lower homeownership rate. Their new neighborhoods also tend to have a higher fraction of female-headed households, smaller houses, a shorter average commute time, and lower income, although the magnitude of these differences is very small. By contrast, we find little difference between the post-foreclosure and comparison groups in other measures of neighborhood affluence including educational attainment, racial and ethnic composition, house value, or rent. Taken together, the evidence suggests that post-foreclosure individuals move to rental units in denser urban areas, but the new neighborhoods do not seem to be much less desirable.

Originally created and posted on the Oregon Housing Blog.